Ann: EGM Voting Communication, page-6

The main reason why Hav's shares have dropped is low returns from Portia. That is not a failure of management who are managers and lawyers. It is a failure of geologists. Steve Radford said at the meeting they found half the gold they were promised. It would be a good idea if we could discuss why so little gold was found. It droped the share price because it is bad for the company's reputation and we didn't get the cash.

        The 2 projects that the managers ought to have gotten right was the 2 deals to study Kalkaroo and Grants. The Kalkaroo study was good in the sense that after it was finished the Chinese had to give an early yes or no and not keep us on the backburner for 12 months( as has happened in most of those studies in other companies). The Grants study is good because they have a short option and they will either go or pay a million if they need more time, I think that is great and would like to keep the people who negotiated it  around.